2 Employee engagement What it is Employees willingness and ability to help their company succeed, largely by providing discretionary effort on a sustained basis Why it matters Correlation with better business results Linkage to high performance employee behaviour Reduces regrettable turnover 2006 Towers Perrin 2

3 The new reality for employers - a dynamic and changing labour market On the supply side: It s getting harder to find and attract new people Turnover rates have started to rise and retention of talent is becoming an issue in many industries Pure population demographics are a major uncontrollable factor On the demand side: Businesses are turning to people-dependent strategies for growth Line management is looking for the best talent, the a-players, and a fully engaged and productive workforce Globalization, technology change and other factors are changing the kinds of skills that companies need to survive & thrive Boards and shareholders are increasingly savvy about workforce and organizational health, succession planning and talent management - putting added pressure on management as well as HR The successful business of the future will be the successful employer of talent. The successful employer will understand and act upon what is needed to manage talent currently and in the future Towers Perrin 3

4 There s an ongoing transformation in views about people as a source of competitive advantage Our Most Important Investors Our Highest Cost What does the employee cost the organization? (Focus on reducing total labour costs) 1980s Our Greatest Asset What is the employee worth to the organization? (Focus on maximizing human capital ROI) 1990s What is the organization worth to the employee? (Focus on engagement unleashing discretionary effort) Real competitive advantage 2000s 2006 Towers Perrin 4

5 Leaders across the organization are starting to ask tough questions about how to engage their workforce CEO How do I shift people from a cost mindset into a growth mindset? Compensation Committee of the Board How are we retaining and engaging future leadership talent? VP of OD What really drives employee retention and engagement? CFO How are we managing labour costs and optimizing our total rewards spend? BU Head How can we get people focused on the right stretch targets? Employee Engagement SVP of HR How can I integrate and focus all of our talent and rewards programs? VP of Recruiting What are factors that drive attraction for key segments? VP of HR Ops How does the HR function need to be aligned around our talent needs? 2006 Towers Perrin 5

9 Employee engagement emotional & rational elements Emotional Engagement I would recommend my company to a friend as a good place to work My company inspires me to do my best work I am proud to tell others I work for my company My job provides me with a sense of personal accomplishment I really care about the future of my company Emotional Engagement Rational Engagement Rational Engagement I understand how my unit contributes to the success of my company I understand how my role is related to my company s overall goals, objectives and direction I am willing to put in a great deal of effort beyond what is normally expected to help my company succeed I am personally motivated to help my company be successful Source: Towers Perrin Global Workforce Study 2006 Towers Perrin 9

16 Polling Questions: Yes or No? 1. Do you measure employee engagement (versus employee satisfaction) in your organization today? 2. Have you analyzed your business plan to determine talent gaps and future recruitment needs? 3. Do you feel that your pay and performance systems are properly aligned with your business value drivers? 4. Do you know how to optimize your rewards spend and still attract, retain and engage the people you need? 2006 Towers Perrin 16

22 Quick Poll-Audience How many of you currently use a total rewards type framework to manage your compensation, benefits, workplace and learning programs? October

23 Total Rewards at a Glance Total Rewards is the implementation of an integrated approach to managing what we offer employees and how we manage the relationship, to build mutually beneficial relationships with our employees to drive employee engagement, performance and retention October

26 Key Findings from our Research Leaders, managers and employees were aligned on the need for change in rewards programs to better support business strategies and meet employee needs Employee demographics were not a key driver of employee preferences Cross-platform and cross-border similarities in employee preferences were striking Employee preferences were not always driven by money enhancing manager effectiveness had the highest impact on employee motivation, however, it did not require the biggest investment Ability to buy 1 week of vacation rated surprisingly high October

28 Areas of Opportunity Employee Engagement Key areas of opportunity to optimize employee engagement: Enhance manager effectiveness More effectively differentiate rewards for high performers / top talent Meet varying employee needs by: tailoring rewards to employee segments by job category and / or position level providing more program flexibility October

29 Areas of Opportunity Employee Awareness We had an opportunity to further enhance employee awareness and understanding by using a more robust change management communication architecture: Targeted employee communication messages and channels More transparency of reward structures and programs Investment in enabling managers to become more effective communicators Recognizing that People Managers play an important role in managing the employee relationship with RBC October

30 What RBC Has Done Based on Key Findings Compensation Increased differentiation of total compensation based on: Proficiency Base salary Performance Annual bonus Potential Mid-Term and long term incentives Balanced the individual performance component based on the degree of impact and control employees have on key business performance indicators Ensured incentives provided a competitive and compelling offer to top talent Created greater differentiation between high performers vs. average performers October

31 What RBC Has Done Based on Key Findings Benefits Developed a total rewards statement that was distributed via RBC s intranet to all employees Harmonized retirement and benefit programs across both Canada and the U.S. Enhanced our Flex Benefits program to meet individual healthcare needs October

32 What RBC Has Done Based on Key Findings Work Environment Introduced improved tools and support for people managers Introduced the purchase vacation option to provide employees with the opportunity to buy one week of vacation to meet work / life needs Increased focus on providing value add programs to employees by offering discounts on: Financial services products Home and auto insurance Life insurance Travel insurance October

33 Quick Poll-Audience How interested are you in providing additional benefits to your employees at no cost to the Company very interested somewhat interested not sure not interested Are you in agreement that value add products, in addition to employee benefits may result in higher employee satisfaction and retention? Agree somewhat agree not sure disagree October

34 What RBC Has Done Based on Key Findings Learning and Career Development Developed effective people manager training programs that help managers become better champions for employee development through coaching and career advice Developed a career model that allows for advancement within current roles Improved overall communication to help employees become better aware of learning and development opportunities October

35 If I can leave you with just three key points 1. Entering an era of Mutual Self Interest May need to realign rewards to support that mutually beneficial relationship, but there s no silver bullet solution 2. Greatest driver of engagement is senior management demonstrating a real interest in employee well being 3. You don t need to have a 70,000 person company to find ways to optimize rewards and engagement within your workplace Consider participating in the Top 50 Employers survey It provides a optimization analysis (for a fee). October

Improve Performance by Investing In Talent Management Competitive compensation programs have their place in motivating sales teams, but not all sales force performance problems can be solved with money.

Consulting Performance, Rewards & Talent Making Employee Engagement Happen: Best Practices from Best Employers The Challenge Companies across the globe are taking the initiative to administer and manage

article Business Case for Benefits Employee Benefits in a Total Rewards Framework Benefits represent one of the largest investments a company makes in its talent. However, our tendency can be to design,

7 DRIVERS FOR BUILDING EMPLOYEE ENGAGEMENT: FROM HIRE TO RETIRE Insights from Ceridian s 4th Annual Pulse of Talent Survey EXECUTIVE SUMMARY The insights provided by more than 800 working Canadians show

Leadership Pulse Pay for Performance Research Report on big picture results produced by Sibson, which was our partner for this particular Leadership Pulse study. On the next pages you will find a report

Talent as a Top Priority and Challenge Talent is viewed as source of competitive advantage and driver of performance, but it remains a challenge for today s organizations. Mercer s 2013 Talent Barometer,

Canadian Employer Brand Trends Report 2015 CONDENSED PREVIEW EDITION Canadian Employer Brand Trends Report 2015 Transparency in business has crossed a bold threshold. The demand for open and honest communications

BUSINESS AND TALENT ALIGNMENT PEOPLE DECISIONS THAT DRIVE BUSINESS SUCCESS Pearl Maphoshe BACKGROUND Activating business strategy through talent strategy Great people decisions and business success Sustainable

How to Get Employee Engagement Right: What Works, What Doesn t, and Why Brandon Sullivan, Ph.D. Director of Organizational Effectiveness Colleen Manchester, Ph.D. Professor, Carlson School of Management

Interview Guide for Hiring Executive Directors April 2008 Introduction This interview guide has been developed to help the Board of Directors of Big Brothers Big Sisters agencies interview candidates for

Executive Compensation Trends A Presentation for The CFO Alliance January 10, 2013 Verisight delivers differences that count For decades we have been redefining the industry by delivering differences that

The Talent Management and Rewards Imperative for 2012 Leading Through Uncertain Times The 2011/2012 Talent Management and Rewards Study, North America By articulating and documenting their employee value

www.pwc.com/workforce-analytics City and County of Denver 2015 Employee Engagement Survey Prepared for and Presented to the City and County of Denver August 28, 2015 Overview Background Survey Objectives

Global Talent Management and Rewards Study At a Glance Overview The 2014 Global Talent Management and Rewards Study provides an in-depth look at the practices and concerns of organizations around the globe.

EXECUTIVE SUMMARY WINNING THE TALENT WAR ON THE HOME FRONT A GUIDE TO RETAINING TALENT USING REWARDS AND RECOGNITION In his book, War Memoirs, former British Prime Minister Lloyd George opined, the home

Best Practices for Talent Management Date or subtitle Venture Bank June 2016 1 If we don t get the people thing right, we lose. It s the most important thing in all our businesses. Jack Welch, Former CEO,

A CFO s Guide to Creating a High Performance Organization: Workforce Management Best Practices Performance-driven organizations leverage their workforces to realize a higher return on investment, increased

A World of Change Dave McBride and Tracey Malcolm September 19, 2013 2013 Towers Watson. All rights reserved. A Show of hands Who has been responsible for leading change initiatives? Who has had an active

SHRM Foundation Executive Briefing Employee Engagement: Your Competitive Advantage Sponsored by Randstad Employee engagement is promoted by a myriad of consultants, books and articles, but does it really

Career Management Making It Work for Employees and Employers Stuck in neutral. That s how many employees around the world would describe their career. In fact, according to the 2014 Global Workforce Study,

How to Attract and Retain Great People: A Seven-Step Process By Jim Geier President, Human Capital Consulting Partners What are the biggest challenges to success in your business? Innovation, product development,

8 September 2010 Understanding the links between employer branding and total reward An overview of our research findings and the implications for reward Limited is authorised and regulated by the Financial

Workforce Strategy 2015-2020 Introduction 1. The aim of this workforce strategy is to support delivery of the sustained transformation necessary to achieve faster, fitter, more flexible, citizen and customer

Welcome to today s training on how to Effectively Sell SAP ERP! In this training, you will learn how SAP ERP addresses market trends and organizations business needs. 1 After completing this lesson, you

Prepared for: Your Company Month/Year This sample is a condensed version showing selections from an actual 4Cs Comprehensive Employee Survey Analysis report and balloons explaining the main features of

For Optimal Sales Force Performance, Pay Is Not Enough Three must-have elements for optimal sales performance How to develop sustainable engagement of sales professionals How sales managers make a significant

Mark Angott Angott Search Group 1. Define Succession Planning 2. What are the key steps of Succession Planning? 3. How to implement a plan at your organization & tools that you can take with you 4. What

THE EMPLOYER OF CHOICE The Strategic Way to Attract, Engage and Retain Talent in Your Community OUR APPROACH OUR APPROACH Phases of Research: Phase 1: Secondary research Phase 2: Survey CEOs and HR Leaders

Stop Tying Pay to Performance Really? The POE Group, Inc. National management consulting firm est. in 1997 located in the Tampa Bay Area Clients range from small firms to the F1000 Areas of Expertise Executive

ROI of 360 Feedback / Whitepaper Over the last few years, leadership development spending has continued to increase as organizations look to gain competitive advantages in their respective marketplace.

HR Trends & Priorities for 2012 McLean & Company 1 Executive Summary McLean & Company fielded its 2012 HR Priorities Survey with both HR and business respondents. Of the seven main areas in HR, Leadership

HR Pastime or Critical Business Strategy Enabler An organization is nothing more than the collective capacity of its people to create value. Lou Gerstner former CEO of IBM Largest potential gains in revenue

hrpa.ca/ac2016 #HRPA2016 Recruiting in a Competitive Market 1 MAURA DYER 15 YEARS Online Senior Director of Talent Acquisition, Rogers Facilitating the recruitment, engagement, and development of top talent

MicroEdge Why Should You Care About Employee Engagement? A MicroEdge Educational E-Book 15 Table of Contents What is employee engagement?... 4 Why does it matter if employees are engaged?... 5 But it s

Human Resources Management SCS 0987-049 University of Toronto What Does Talent Management Mean? There is a lack of consistency regarding g a true definition. Talent on it s own can mean the combined employee

Rewards That Work: Case Studies on Variable Pay Solutions Concord, MA September 12, 2012 Overview The Primary of Current Themes Challenges for Today s Session 1. Compensation is more than just a mechanism

A CFO s Guide to Creating a High Performance Organization: Workforce Management Best Practices Kronos Incorporated July 2004 Table of Contents Characteristics of a performance-driven organization 2 Performance-driven

Ethiopia Human Capital Trends 2015 Leading in the new world of work Introduction Leading in the new world of work Organizations today must navigate a new world of work one that requires a dramatic change

Talent Management Framework A simple definition of Talent Management is: The systematic attraction, identification, development, engagement/retention and deployment of those individuals who are of particular

The HR Image Makeover: From Cost Center to Profit Maker Human resources human assets human capital. Call it what you will, the collected people power or workforce value of an organization is an asset that

Generational trends in executive compensation: Survey results and commentary With the massive exit of retiring during the next twenty years, retaining and rewarding talent correctly has never been more

THE BUSINESS CASE FOR COMPENSATION TECHNOLOGY Compensation accounts for nearly 70 percent of operating expenses for most organizations, 1 and is one of the main reasons employees join and leave organizations.

Our HR Strategy sion Vi Our ambitious new strategy requires a workforce which can demonstrate speed and agility; to achieve this we need to recruit, develop and retain people with the right skills, knowledge

Resource Article Talent Management: Seven Keys to Success Talent management: seven keys to success. Lee Iacocca is quoted as saying In the end, all business operations can be reduced to three words: people,

Halogen Software Investor Presentation August 2016 Forward-looking statements This presentation contains "forward-looking information", which may include, but is not limited to, statements with respect

Are Your Business Leader Compensation Programs Aligned? Attract, Motivate, and Retain Business Leaders Attracting, motivating, and retaining talent is the mantra of human resources leaders. How are these

07-030 The Demise of Cost and Profit Centers Robert S. Kaplan Copyright 2006 by Robert S. Kaplan Working papers are in draft form. This working paper is distributed for purposes of comment and discussion

Consulting Performance, Rewards & Talent Measuring the Business Impact of Employee Selection Systems Measuring the Business Impact of Employee Selection Systems Many, if not all, business leaders readily

Certified Human Resources Professional Competency Framework Table of Contents About the CHRP 3 Application of the Competency Framework 3 Path to Obtain the CHRP 4 Maintaining the CHRP 4 Overview of the

Thank you for your interest in assessing your organization s talent management program. Over the last decade many important steps have been taken to advance the fund development profession and the donor

OVERVIEW OF CASE STUDY FINDINGS AND BEST PRACTICES We conducted in-depth case studies of healthcare and non-healthcare organizations that have been publicly recognized for achieving high levels of success

Metric Selection and Goal Setting: The Keys to Incentive Plans Mike Halloran Three macro areas related to design issues Performance Measure Selection How do we measure success? Target-Setting What does

Chartered Professional in Human Resources Competency Framework Contents 1 About the CPHR 1 Application of the Competency Framework 2 Path to Obtain the CPHR 2 Maintaining the CPHR 3 Overview of the Functional